Paradigm acquires 810,000 shares of bitcoin exchange Coinbase at an average price of $61, spending $49.4 million. The venture firm reported this in reporting to SEC.
The deal was completed by a subsidiary of Paradigm One LP. Together with Paradigm Fund LP, the structures own about 4.5 million Coinbase securities.
Company co-founder Fred Ehrsam is co-founder of the cryptocurrency exchange, while retaining a seat on its board of directors.
The top manager directly owns 1.1 million Coinbase shares through the Frederick Ernest Ehrsam III Living Trust.
May 10, 2023 Paradigm sent to the court a letter as amicus curiae in support of Coinbase’s lawsuit against the SEC.
The platform filed it after receiving notice from the Commission of an investigation regarding the listing procedure on the platform and its products – Coinbase Prime, Coinbase Wallet and staking service Coinbase Earn.
“Paradigm and the entrepreneurs it supports are interested in holding the SEC accountable for the delay in responding to the exchange’s rulemaking petition,” the statement says.
Since the beginning of the year, Coinbase shares have risen in price by 62%. Losses since IPO account for 85%.
Coinbase’s net loss in the first quarter of 2023 was $78.9 million or $0.34 per share, which was significantly better than analysts’ expectations ($0.87).
ARK Invest has been an active buyer of bitcoin stocks in recent months.
Recall that in April, Paradigm criticized the SEC’s approach to regulating cryptocurrencies.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Paradigm acquires 810,000 shares of bitcoin exchange Coinbase at an average price of $61, spending $49.4 million. The venture firm reported this in reporting to SEC.
The deal was completed by a subsidiary of Paradigm One LP. Together with Paradigm Fund LP, the structures own about 4.5 million Coinbase securities.
Company co-founder Fred Ehrsam is co-founder of the cryptocurrency exchange, while retaining a seat on its board of directors.
The top manager directly owns 1.1 million Coinbase shares through the Frederick Ernest Ehrsam III Living Trust.
May 10, 2023 Paradigm sent to the court a letter as amicus curiae in support of Coinbase’s lawsuit against the SEC.
The platform filed it after receiving notice from the Commission of an investigation regarding the listing procedure on the platform and its products – Coinbase Prime, Coinbase Wallet and staking service Coinbase Earn.
“Paradigm and the entrepreneurs it supports are interested in holding the SEC accountable for the delay in responding to the exchange’s rulemaking petition,” the statement says.
Since the beginning of the year, Coinbase shares have risen in price by 62%. Losses since IPO account for 85%.
Coinbase’s net loss in the first quarter of 2023 was $78.9 million or $0.34 per share, which was significantly better than analysts’ expectations ($0.87).
ARK Invest has been an active buyer of bitcoin stocks in recent months.
Recall that in April, Paradigm criticized the SEC’s approach to regulating cryptocurrencies.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
